Jennison Associates LLC Sells 700,161 Shares of PepsiCo, Inc. (NASDAQ:PEP)

Jennison Associates LLC reduced its holdings in shares of PepsiCo, Inc. (NASDAQ:PEP) by 67.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 344,250 shares of the company’s stock after selling 700,161 shares during the quarter. Jennison Associates LLC’s holdings in PepsiCo were worth $52,347,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Highline Wealth Partners LLC purchased a new stake in shares of PepsiCo in the third quarter worth approximately $28,000. Legacy Investment Solutions LLC bought a new position in PepsiCo during the 3rd quarter valued at $31,000. Rakuten Securities Inc. boosted its holdings in PepsiCo by 93.2% during the 3rd quarter. Rakuten Securities Inc. now owns 199 shares of the company’s stock worth $34,000 after acquiring an additional 96 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of PepsiCo in the third quarter valued at about $44,000. Finally, Global Wealth Strategies & Associates grew its position in PepsiCo by 145.3% in the 4th quarter. Global Wealth Strategies & Associates now owns 390 shares of the company’s stock worth $59,000 after purchasing an additional 231 shares in the last quarter. 73.07% of the stock is owned by institutional investors.

PepsiCo Stock Performance

NASDAQ PEP opened at $150.27 on Tuesday. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.70 and a current ratio of 0.89. The company has a fifty day moving average of $153.12 and a 200-day moving average of $164.85. PepsiCo, Inc. has a 52-week low of $141.51 and a 52-week high of $183.41. The company has a market capitalization of $206.17 billion, a P/E ratio of 22.16, a P/E/G ratio of 2.92 and a beta of 0.54.

PepsiCo Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, January 6th. Investors of record on Friday, December 6th were given a $1.355 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $5.42 dividend on an annualized basis and a yield of 3.61%. PepsiCo’s payout ratio is 79.94%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PEP. JPMorgan Chase & Co. decreased their target price on PepsiCo from $183.00 to $165.00 and set a “neutral” rating for the company in a research report on Friday, January 24th. TD Cowen lowered their price objective on shares of PepsiCo from $183.00 to $160.00 and set a “hold” rating on the stock in a research report on Wednesday, January 8th. Royal Bank of Canada reissued a “sector perform” rating and set a $172.00 target price on shares of PepsiCo in a research report on Wednesday, January 29th. Wells Fargo & Company dropped their price objective on PepsiCo from $170.00 to $155.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. Finally, Barclays cut their target price on shares of PepsiCo from $183.00 to $158.00 and set an “overweight” rating for the company in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $176.73.

About PepsiCo

PepsiCo, Inc engages in the manufacture, marketing, distribution, and sale of various beverages and convenient foods worldwide. The company operates through seven segments: Frito-Lay North America; Quaker Foods North America; PepsiCo Beverages North America; Latin America; Europe; Africa, Middle East and South Asia; and Asia Pacific, Australia and New Zealand and China Region.